Steury Company contracted to build a parking garage for the City of Kokomo on January 1, 2021 for $12,000,000. On that date, it is estimated that the cost to build the garage will be $8,000,000 and and will take four years to complete. The following information is available on December 31 at the end of each year. 2021 2022 2023 2024 Actual Costs to Date* $ 2,500,000 $ 5,500,000 $7,000,000 $ 8,250,000 Estimated Costs to Complete 5,750,000 2,000,000 1,000,000 Billings to Date 3,000,000 6,000,000 9,000,000 12,000,000 Cash Collections to Date 2,500,000 5,525,000 8,000,000 11,000,000 *40% from materials inventory, 60% paid in cash Required: (a) Record all relevant entries for 2023 under the percentage of completion method. (b) Describe in one sentence how your answer to part (a) would differ under the completed contract method.